HomeMy WebLinkAboutResolution - 84-308 - MIDB's Preliminary Approval McGlynn's $2,050,000 - k`
PESCLUTI(`N AT."ENDING PRELIMINAP.Y APPROVAL
OF A PROPOSED INDUSTRIAL DEVELOPYIENT PROJECT
P.Y VcGLYNN DAYERIES , 11TC . UNDER TIiF t`UNICIPAL
IND'USTRI.AL DEVELOPMENT ACT AND AUTHORIZ INIG
SURI11SSION OF AN l.PPLICATTON TO THE
tIINNESOTP_ Er?ERC;Y AND ECONOMIC DEVEL OPPIENT AUTHORITY
FOR APPROVAL T11EREOF
WHEREAS , by Resolution No . P n-12.0 , on Pay 15 , 1984 ,
after a public hearinG duly called and held pursuant toPlinnesota
Statutes , Chapter 474 (the "Act" ) , this Council Save preliminary
approval to a project (the "Project" ) to he undertaken by Burton
J. McGlynn and leased to McGlynn Bakeries , Inc. (the "Company" ) ,
and the financing thereof with industrial development revenue
bonds of the City; and.
WHEREAS , on August 22 , 1984 , the Project was approved
by the linnescta Energy and Economic D,eve.lopment Authority as
tending to further the purposes and pclici es of the Act; and.
1THEPEAS , the Company has advised this Council that it
desires to increase the amount oT industrial development reN?'enue
bonds to be issued for the Project to $2 , 050 , C00 , and to make
certain other changes in the Project and the rinancinc- plan ; and
WHEREAS , the Company has submitted to this Council- a
draft copy of a revised application to the Minnesota Enerc-v and
Economic Development Authority ; and
WITEREAS , as required by the Act and by Suction 103 (l-_)
of the Internal Revenue Code , as amended, this Council conducted
a public hearing on November , 1984 on the revised proposal to
undertake and finance the Project after public:tion in the
official newspaper and a newspaper or general circulation in the
City of a notice setting forth the time and place of hearing;
stating the general nature of the Project and an estimate of the
principal amount of bonds or other c:hligaticr.s. to hr-, i ssuee. to
finance the Project ; stating that a craft cop;' of the proposed
Application to the Minnesota Energy anc'. Fconomic Development
Authority, together with all attachments and exhibits there-to ,
was available for public inspection at the office cf the Cit},
Clerk , in the City Hall- , at all times between the hours or
8 : 00 A.M. and 4 : 30 P. M. each day except :'aturdays , Sundays and
legal holidays to and including the clay of hear na; and stating
that all parties who appear at the public hearing shall have an
opportunity- to express their views with rr-�spect to the proposal .
The draft application to the Minnesota Energy and Economic
Development Authority, together with all attachments- rind exhibits
(
thereto , was on file and available for public inspection at the
. .ace and times set forth in the notice ; and
WHEPEAS , the additional 8400 , 000 of bonds mint he
issued pursuant to 1984 Mlinn sota Laws , Chapter 582 , and by
Resolution No . 84-267 , adopted October 2 , 1984 , the City Council
has determined to allocate $400 , 000 of its reserved 1984 entitle-
ment issuance authority under said Chapter_ 582 to bonds for the
Project; and
WEEREAS, the Company has submitted to the City an
application deposit of $4 , 000 to reserve such 1984 entitlement
issuance authority;
NOW , THEREFOPE , BE IT RESOLVED by the City Council of
the City of Eden Prairie , Minnesota , as follows :
1 . Resolution No . 84-120 is hereby amended to increase
the authorized principal amount of bonds to he issued pursuant
thereto to up to approximately $2 ,050, 000 .
2 . The Perri "Project" as used herein and in resolution
No. 84-120 and Resolution rTo . 84-267 , shall mean a project
generall- consisting of the acquisition , contruction and
,- equipping or a 32 , 000 square foot addition to the Company ' s
existincr Facility at 7-152 Mitchell P.oad in the City , to he o�-'n.ed
by the Company or owned byDorton J. McClynn and leased to the
Company , for operation by the Compan-v as a. warehousing and
manufacturing faci.Li ty . The Company has represented that the
Project , as proposed , would not be undertaken but for the avail-
ability of industrial development bond financing.
3 . The City' Clerk , and Faegre & Benson , as Bond
Counsel , are hereby authorised to submit a revised application to
the Minnesota Energy and Economic Development Authority for
approval of the Proect .
4 . F::cept as expressly modified and amended hereby ,
the nrovisions or Resolution No . 84-120 and. Resolution No. 8412E
are herehy ratified. and confirmed, and shall remain in full force
and effect until the e:;pirat:ion thereof in i cjeordance with their
terms. ^
W,aTfgan / H. Penzei , Mayor
Attest: SEAL
J fin " Frane, Clerk
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